Foreign Remittance amount

919 views 5 replies

Dear All,

 

My client is having Income from salary and Receipt of foreign remittance

Receipt of foreign remittance is only  259 Rs/-, i have shown in OS but system is giving error to show it in ITR 2 OR 3.

In which section this should be shown in ITR?

 

Please Guide.

Replies (5)

Schedule OS of ITR 2 ... 

Thank you Sir for your quick reply.

You are welcome.               

Respected Sir,

I want to know about foreign income or remitance:

if a NRI purchases a Flat in india and payment through NRI bank above Rs.50 lacs and TDS deducted at the time of payment. But the amount directly transfer to flat seller,s bank from foreign account. 

want to know:

1) is the amount as treat foreign income?

2) how much income from foreign is exempted in income tax in india?

3) in this case which ITR is best for return?

 

  1. It is not foreign income, as it is received on account of sell of property.
  2. There's no upper exemption limit for remittances; the relevant exemption is that genuine foreign income is not taxable for NRIs in India. 
  3.  File ITR 2, if no business income.

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